Jangada Mines PLC Sale of 9.3 million ValOre Shares (9846C)
June 24 2021 - 3:04AM
UK Regulatory
TIDMJAN
RNS Number : 9846C
Jangada Mines PLC
24 June 2021
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
24 June 2021
Jangada Mines plc
Sale of 9.3 million ValOre Shares
Jangada Mines plc, a natural resources company, announces that
it has sold additional 9.3 million of its common shares in ValOre
Metals ('ValOre') at a price of CAD$0.30 per share, providing
Jangada with gross proceeds of CAD$2,790,000.
The proceeds will be used for ongoing exploration work and
working capital purposes at the Company's 100%-owned Pitombeiras
Vanadium Project ('Pitombeiras' or the 'Project'), Ceará State,
Brazil. Following the sale, Jangada now holds a total of 1,005,000
ValOre common shares, representing 0.8 per cent of ValOre's share
capital, and pursuant to the Company's 15 February 2021
announcement, is due to receive the remaining 1,500,000 ValOre
common shares payable to Jangada in six-monthly instalments of
500,000 ValOre common shares each, with the next installment due
during or around August 2021.
As a result of Jangada's reduced ownership in ValOre, Mr. Brian
McMaster and Mr. Luis Azevedo have stepped down from ValOre's Board
of Directors, effective June 1, 2021. Mr. Azevedo will continue to
assist ValOre as a Strategic Advisor.
Brian McMaster, Executive Chairman of Jangada, said: "Jangada is
entering a truly exciting time with its Pitombeiras Project and
given the Company's expectations for the development schedule over
the coming weeks and months, the Board concluded that the most
appropriate strategy is to reinforce its treasury position from its
existing balance sheet and to remain focused and committed to one
project going forward. We look forward to sharing our news with
shareholders".
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
**ENDS**
For further information please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster (Chairman) Tel: +44 (0) 20 7317
6629
Strand Hanson Limited James Spinney Tel: +44 (0)20 7409
(Nominated & Financial Ritchie Balmer 3494
Adviser) Georgia Langoulant
Brandon Hill Capital Jonathan Evans Tel: +44 (0)20 3463
(Broker) Oliver Stansfield 5000
St Brides Partners Isabel de Salis Tel: +44 (0)20 7236
Ltd Charlie Hollinshead 1177
(Financial PR)
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END
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